PepsiCo Lowers Sales Forecast Again After Weaker Q3 Results
- PepsiCo reported lower-than-expected Q3 revenue and profit as inflation weighs on consumer spending.
- The company cut its full-year sales outlook for the second consecutive quarter.
- Shares of PepsiCo (PEP) fell by 0.7% in pre-market trading.
PepsiCo (PEP) reported disappointing third-quarter financial results, with both revenue and profit falling below expectations. The company cited ongoing inflationary pressures as a key factor affecting consumer spending and lowered its full-year sales outlook for the second time this year.
Are you looking for the best trading platform? Sign-up to the best trading platform for you for FREE. Takes 2 mins.
Q3 Financial Results
PepsiCo posted $23.32 billion in revenue, slightly below the same period last year and missing analyst expectations. The company’s net income came in at $2.93 billion, also falling short of consensus estimates tracked by Visible Alpha.
While North American beverage sales rose by 0.2%, and the company’s European operations saw a 6.5% increase, other regions experienced declines. PepsiCo’s leadership acknowledged that inflation continues to impact consumer budgets and spending patterns globally.
Lowered Full-Year Sales Outlook
For the second consecutive quarter, PepsiCo revised its full-year sales forecast downward. The company now expects low-single-digit growth, down from its previous projection of 4%, which was already revised lower earlier this year.
As of Monday’s close, PepsiCo shares were down 1.6% for the year. Following the announcement, shares dropped another 0.7% in pre-market trading.
S&P 500 Hits Record High; Dow Gains as Longboard Pharmaceuticals Surges 51% and Tech Stocks Rise S&P 500 Reaches Record
S&P 500, Dow Notch Record Closing Highs as Crude Slumps Major Indexes Set Record Highs: The S&P 500 and Dow
Should You Buy Plug Power Stock While It’s Trading Below $4? A Closer Look at the Hydrogen Pioneer’s Future Plug
MicroStrategy Stock Rises 550% in 2024: Should You Invest? MicroStrategy (NASDAQ: MSTR) has been one of the top-performing stocks in
One of Tesla’s Biggest Bulls ‘Disappointed’ After Robotaxi Event Tesla’s much-anticipated Robotaxi event left one of its most ardent supporters